Kayne Anderson BDC, Inc. (KBDC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+267.1%

$47.89

vs $13.05 price

Levered DCF

$16.63

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

20.48

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
P/E	10.77×	7.99×	13.7×	23.29×	47.94×	0×
P/B	0.91×	0.89×	1.55×	1.79×	3.4×	0×
P/S	4.27×	5.81×	8.01×	15.46×	36.86×	0×
EV / EBITDA	12.26×	14.17×	22.25×	35.46×	59.41×	0×
Gross margin	84.3%	68.2%	62.5%	73.5%	85.4%	0.0%
Operating margin	72.8%	73.1%	58.2%	66.7%	77.5%	0.0%
Net margin	39.7%	72.7%	58.2%	66.7%	77.5%	0.0%
Current ratio	0.82×	1.33×	67.28×	1.16×	0.9×	0×
Debt / equity	1.01×	0.71×	1.01×	0.97×	0.85×	0×
Interest coverage	2.25×	2.3×	1.55×	2.52×	5.31×	0×
Dividend yield	12.3%	9.6%	6.6%	2.2%	0.4%	0.0%
Payout ratio	131.6%	77.1%	90.8%	50.5%	19.8%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	8.4%	11.1%	11.3%	7.7%	7.1%	0.0%
Return on invested capital	7.5%	6.4%	1.8%	3.9%	3.8%	0.0%
Return on assets	4.1%	6.3%	5.4%	3.8%	3.8%	0.0%
Free cash flow yield	-9.8%	10.0%	7.5%	4.4%	0.9%	0.0%
Earnings yield	9.3%	12.5%	7.3%	4.3%	2.1%	0.0%
Enterprise value	$2.1B	$1.9B	$1.7B	$1.6B	$1.3B	-$10K
Net debt / EBITDA	6.4×	6.22×	8.5×	12.3×	11.86×	0×
Cash conversion cycle (days)	-269	-148	-126	-273	-374	0